In the ever-evolving landscape of finance and wealth management, family offices are experiencing a paradigm shift propelled by advancements in technology. Traditionally, family offices have been known for their personalized and comprehensive approach to managing the financial affairs of high-net-worth individuals and families. Today, technology is playing a pivotal role in enhancing efficiency, security, and accessibility within family office operations. The following are the areas we at Deviate Consulting believe family offices will be most impacted by technology in the upcoming year. Da...

We humans approach artificial intelligence (AI) with awe, excitement, and apprehension. It's no longer just a trendy topic discussed in boardrooms and technology labs. It's here beating World Go Champions, predicting the quaternary structures of proteins, inventing mathematical theorems, creating art, and helping our kids with homework. AI has become a visceral, emotionally charged reality, changing how we operate in almost every sector, including managing people's wealth and financial futures. Integrating AI into family offices and wealth management is inevitable, but the displacement of h...

At Accordant Global Partners (AGP), we serve some of the most prominent families, corporations and business leaders in the world. Our purpose is to ensure the families and organizations under our protection remain resilient to the unique and dynamic global risk landscape. We do this across Five Pillars of protection and Risk Management - Cyber, Personal, Medical, Travel and Bespoke. In recent years, we have observed a consistent upward trend in the prevalence of Trusted Insider risk, which has had profound repercussions on individuals and their families, both emotionally and financial...

Investors always have a lot to worry about, and the current environment is no different. Markets continuously climb walls of worry. One day interest rates are the concern, the next its upcoming elections, the day after perhaps economic growth. Assessing risks is central to sound investment, but be careful of inertia. Thinking from a long-term perspective can mitigate near-term volatility. Stay invested, and remember that even in turbulent markets, there are usually pockets of opportunity. Optimism is usually rewarded, and the economic dynamism that is just taking hold is extraordinary. The ...

This week, Family Office Exchange (FOX) recognized Shannon Kennedy, Head, BMO U.S. Wealth Management, as the inaugural recipient of its Glen W. Johnson Legacy Award. The award is presented to those who have distinguished themselves through exemplary achievements in the family office space. With over 35 years’ experience working with affluent families, Shannon was recently appointed to her current role of Head, BMO U.S. Wealth Management, having previously served as Global President for BMO Family Office. In both 2020 and 2023, she was a recipient of the Women in Wealth Award by Family Wealt...

Private Wealth Systems, a global financial technology company that is revolutionizing the way private wealth is analyzed, reported, and managed. Private Wealth Systems has been named a FinTech Top 20 Company by American Banker, and Top FinTech Innovator by CIO Review. You don’t have to look far these days to see impressive financial dashboards showcasing consolidated wealth with interactive pie charts and dynamic dashboards. For family offices and ultra-high net worth (UNHW) individuals, selecting the right technology platform from many attractive options is especially daunting due to uniqu...

Enjoy a recap of Day 3 of the 2023 Family Forum by Erin Hulse, Founder of Deviate Consulting, LLC. Anticipating Change in the Family and the Family Enterprise Joline Godfrey, Sara Hamilton, and Jeff Strese Explores a multitude of dynamics coming simultaneously; generational shifts happening faster and with greater consequence, AI, and climate change, both with the potential to alter the human experience. The rise of women’s wealth ownership and its impact in both the family and the enterprise. Five Global Themes You Know to be True Time more scarce than money Dramatic disru...

Enjoy a recap of Day 2 of the 2023 Family Forum by Erin Hulse, Founder of Deviate Consulting, LLC. Industry Founders Panel: The Evolution of Wealth Sarah Hamilton, James (Jay) Hughes Jr., Dennis Jaffe, Ellen Perry, John Warnick, and moderated by Peter Moustakerski For the first time, FOX has gathered on the same stage the five most important founders of the family wealth field. Panelists reflect on the journey of the past four decades and share their visions, offering wisdom and advice for the rising gen leaders. Five Decades of Evolution for Families Growing the family busi...

“Are we all procrastinators?” There are a lot of ways to answer the question of why ~30% of charitable giving in the U.S. happens in the last month of the year, starting with Giving Tuesday. Donors have good intentions. So do the people that support them – family office support and other advisors. In general, life happens. Donors are busy, continue to build businesses, connect with their families or take on a variety of other commitments. They are usually not full-time philanthropists and don’t have big teams. It goes something like this… Families and their teams start the year wi...

As published in The Journal of Wealth Management's 25th Anniversary Issue (Summer 2023). The dramatic growth of the family office industry in the 1980s was sparked by new liquidity running through hundreds of business-owning families. In an effort to preserve and expand their wealth, they needed a professional financial office so they could focus on broadening their business endeavors or living unencumbered lives. Over the past 40 years, the family office industry has expanded into much more than an entity to preserve family wealth; rather, it acts as a vehicle for investment diversifica...

Enjoy a recap of Day 2 of the 2023 Family Office and Wealth Advisor Forum by Erin Hulse, Founder of Deviate Consulting, LLC. Welcome and Exploring Emerging Themes from 2023 FOX Research Hilary Leav, Director, Insights & Research, FOX The Rising Gen may Surprise Us Families say challenges are: Creating productive adults Rising Gen engagement Rising Gen challenges are: Navigating Family Dynamics Family Office CIOs managed through a highly volatile period Investment Performance 2022 Returns <5%> S&P <19%> Vie...

Enjoy a recap of Day 1 of the 2023 Family Office and Wealth Advisor Forum by Erin Hulse, Founder of Deviate Consulting, LLC. Welcome to the Forum Scott Muench, Managing Director, Core Membership, FOX David Toth, President of Membership, FOX This Forum focused on networking! Fewer chances to network, so this will be a priority Another focus of the forum is human capital Survey: What are you looking forward to the most and this year’s FOWAF? Networking Learning Trends Education Connection How will we balance Financial Capital v Human Capital? The Mo...

Investing in the mental health of each individual and the family supports family unity, trust, mission, and financial success. Mental illness is present in one of five families, and research demonstrates that affluence is not a protective factor. This means that mental health and illness are vital to sustaining families’ personal and financial assets. Recognition of mental illness is often an initial challenge for individuals and families. Cultural stigma, personal shame, fear, and disappointment can contribute to delayed intervention until a full-blown crisis or a collapse into disab...

As a leading provider of accounting, tax and consulting services, RSM family office professionals develop multigenerational relationships by providing the right solutions to help sustain your family’s vision across your operating business, your investment structure and your family office. In today’s competitive business landscape, family offices face tremendous challenges and opportunities to maximize efficiency and productivity across the enterprise amid constant change and uncertainty. Achieving operational excellence is of primary concern to family offices and their many stakeholders ...

Private Wealth Systems, a global financial technology company that is revolutionizing the way private wealth is analyzed, reported, and managed. Private Wealth Systems has been named a FinTech Top 20 Company by American Banker, and Top FinTech Innovator by CIO Review. Advanced investment reporting solutions that provide a highly accurate and consolidated global picture of end-to-end wealth empower family offices to successfully mitigate investment risk and ensure the highest returns possible. Family offices are using the latest advancements in investment reporting to improve their abilit...

As a leading provider of accounting, tax and consulting services, RSM family office professionals develop multigenerational relationships by providing the right solutions to help sustain your family’s vision across your operating business, your investment structure and your family office. Family offices are focusing on operational excellence to drive efficiencies and future-proof the organization in a constantly changing environment. Family offices continue to be the preferred way for ultra-high net worth individuals and families to manage assets and to support the goals and le...

Entole is transforming the Family Office Industry, one family at a time, through increased transparency and interoperability for wealth owners and their trusted advisors. Every day, technology becomes a greater part of our lives. Everywhere we look, computers and technology are at work: the phones in our pockets, our watches, the wireless speakers that connect to Spotify, the servers that power our accounting software, digitized thermostats, agricultural equipment that measures temperature and humidity, and industrial control systems for energy and water supplies. When we look at the tec...

360 Privacy, a Nashville TN based LLC, is comprised of members from the Special Operation Forces, Intelligence Community, and technology experts whose mission is to protect the digital identity, reputation, and security of high-profile executives, athletes, and high net worth families. Within the finance community, the term “CIO” is typically synonymous with, “Chief Investment Officer.” Today’s discussion centers around the role of a Chief Information Officer who, like that of their Investment Officer counterpart, must adhere to Policy Statements and budgetary constraints, while keeping cur...

“How much should I be giving?” This recent question from a member of the Ultra-High Net Worth (UHNW) community gave Giving Place and FOX the chance to collaborate on what the data says and how we can interpret it to support community members. Giving is always a personal decision, depending on factors such as means, motivation, and opportunity. Even more considerations exist when thinking about giving in a UHNW context, many more than a typical donor might face. For this group, decisions about what, how much, and when to give take on additional challenges – and offer considerable opportu...

Sage Intacct is used by thousands of organizations from startups to public companies to improve company performance and make finance more productive. As a best-in-class system, our cloud accounting software products and financial management solutions deliver deep accounting capabilities across multiple industries designed with a single aim—to accelerate your success. As we turn the corner and enter a new year, we begin 2023 with hope for better times, as the last few years have been challenging for many family offices. At Sage, we have been taking notes during our conversations with custome...

Private Wealth Systems, a global financial technology company that is revolutionizing the way private wealth is analyzed, reported, and managed. Private Wealth Systems has been named a FinTech Top 20 Company by American Banker, and Top FinTech Innovator by CIO Review. As we enter 2023, portfolio data aggregation continues to be a source of frustration for ultra-high net worth individuals (UHNW) and family offices. Continued market volatility combined with the innate complexities in managing a multi-asset class portfolio makes getting an accurate view of the portfolio extremely challenging. ...

How to safeguard sensitive data in a hyperconnected world In today’s rapidly evolving cyberthreat landscape, many ultrahigh net worth individuals and families are prime targets for carefully crafted cyberattacks. Family offices, including virtual and single-family offices, can serve as unknowing gateways to sensitive data and personal information of family members due to their extensive financial dealings and relatively low maturity in cyber preparedness. In addition, family offices have a human element in their operational risk controls that can be leveraged by criminals. Thes...

Deviate Consulting is a professional services firm based in Indianapolis that provides a full suite of accounting and software consulting options for single and multi-family offices. Our software focus includes QuickBooks and multiple investment accounting, portfolio accounting and wealth management platforms prominent in the industry. 2022 was a busy year for technology evaluations, software selection projects, and staffing changes. Family office conferences also resumed in person and allowed friends and colleagues to reconnect and catch up on work and personal topics. At Deviate, we saw a...

SEI Family Office Services delivers technology and outsourced services that support the accounting, investment management and reporting functions of family offices, private banks, private wealth advisors and alternative asset managers. Designed to help family offices and advisors to wealthy families better serve their ultra-high-net-worth clients, SEI’s award-winning Archway Platform℠ and high-touch outsourced services efficiently handle complex partnership, portfolio and corporate accounting alongside bill payment, investment management and multi-asset class data aggregation. There ar...

Addepar is a software and data platform that is purpose-built for professional wealth, investment and asset management firms to deliver outstanding results for their clients. We’re helping our clients unlock the power and possibility of more informed, data-driven investing and advice. Your digital infrastructure is a key driver of the quality of your investment decisions, providing context, insight and intelligence that can help improve portfolio returns. In over a decade of onboarding Addepar clients, we’ve distilled lessons learned to reveal what works when making changes to your tech sta...